Our monthly Property Surveying summary of property market news, survey data, statistics, trends and information. (All figures below are the most recently available data.)
Data source: Land Registry
UK average house price = £256,405, 1.8% change in the month, 10.2% up in the year. Monthly index (where January 2015 = 100) 134.5
Yorkshire and the Humber saw the higher price growth this year to March, at 14%, while the lowest growth was in London, at 3.7%.
On average across the UK, house prices increased by 10.2% in the year, with the strongest growth in Wales, at 11.0%.
UK average house price = £258,204, 1.4% in the month, 0.9% up in the quarter, 8.2% in the year. Monthly index (where January 1992 = 100) 445.2
House prices in April saw the highest annual price growth for five years, with nearly £20,000 added to the value of the average home since April 2020.
Although the stamp duty holiday is soon to come to an end, low housing stock and interest rates are likely to continue to fuel demand and buoy house prices. However, it is thought house price growth will slow by the end of the year.
National average house asking price = £333,564, up 1.8% in the month and 6.7% in the year.
The average price of residential property has reached an all time high, at £333,564. Demand is strong and continues to exceed supply.
Pre-Covid, London historically led the property market regarding house price growth but the capital is now virtually at a standstill, at 0.2%. In all other regions, house prices are at record levels and have risen on average 10% over the last twelve months.
UK average house price = £238,831, 2.1% change in the month and 7.1% increase in the year.
The housing market looks strong in the near term, but later in the year it is thought likely to be affected by a rise in unemployment as Covid support eases.
Any increase in people’s savings as a result of the pandemic are most likely to be highest in the older and wealthier households so are not thought likely to directly help first time buyers achieve their savings goal for a deposit.
Average England and Wales house price = £341,462, 0.7% change in the month, 11.7% in the year.
Changes to loan to value mortgage lending may ease the effects of the withdrawal of the stamp duty holiday and help buyers with affordability issues.
The number of residential property transactions over £40,000 was on average between the nations 179.5% higher than a year ago, at 117,860.
REGIONAL HOUSE PRICES
UK HPI Regional figures
(all percentages are positive unless indicated otherwise)
|March 2021||Average price GBP||% Monthly change||% Annual change|
|Northern Ireland (Quarter 1 – 2021)||£149,178||1.1%||6.0%|
|East of England||£315,059||1.2%||9.4%|
|Yorkshire and The Humber||£188,575||3.4%||14.0%|
UK HPI Average monthly price by property type
|Property type||March 2021||March 2020||Difference|
|Flat or maisonette||£214,365||£204,144||5.0%|
Rightmove regional figures
|May 2021||Average price GBP||Monthly change||Annual change|
|East of England||£382,909||2.0%||7.3%|
|Yorkshire & Humberside||£216,614||1.2%||10.5%|
Nationwide regional figures
|Q1: 3 months to April 2021||Average House Price (£) GBP||Annual % change (this quarter)||Annual % change (previous quarter)|
|Yorkshire & Humber||£175,577||7.0%||7.7%|
|Outer South East||£298,804||7.2%||8.0%|
LSL Acadata Regional Data
|March 2021||Average House Price £ GBP||Monthly % change||Annual % Change Greater|
|East of England||£370,027||0.5%||8.7%|
|Yorkshire & Humber||£229,321||0.2%||14.2%|
Focus on London
Best and Worst (-) annual performers according to:
|Average Price (£) GBP||Monthly change||Annual change|
|Barking and Dagenham||457,796||1.4%||6.1%|
|Average Price (£) GBP||Monthly change||Annual change|
|Hammersmith & Fulham||£865,894||-1.7%||-38.0%|
RICS Survey Overview
The RICS Residential Market Survey for April 2021 reported housing market demand continuing to outstrip supply both in in the buying and letting markets.
On average there are just 40 properties available on estate agents books, down from 46 in December.
Demand for lettings is stronger than supply, with new landlord instructions fairly stagnant. Rentals are expected to rise by 3% on average over the next year, but will remain negative in London at least in the near term.
Rightmove.co.uk is the UKs leading property website, displaying details of homes for sale or rent to the largest online audience. It is consistently ranked the number one property website in the UK (source: Experian Hitwise). It has around 90% of all properties for sale and at any time displays a stock of over one million properties to buy or rent, worth around £270 billion. The Rightmove.co.uk site attracts over 130 million visits from home movers each month with time on site averaging over one billion minutes per month (Rightmove data, 2017).
LSL Acad E&W HPI is derived from Land Registry (LR) house price data, seasonally and mix adjusted by property type. © Crown copyright material reproduced with the permission of Land Registry. The prices are smoothed to show underlying trends. LSL Acad E&W HPI includes cash purchase prices and is the only index based upon the complete, factual house price data for England & Wales, as opposed to a sample.
UK HPI: Monthly house price inflation, calculated using data from Land Registry, Registers ofÂ Scotland and Land and Property Services Northern Ireland. This replaces the previous House Price Indices separately published by Office of National Statistics and Land Registry.
All figures within this article are correct at the time of going to press, and are reproduced in good faith. No responsibility will be taken for any decisions taken based on the information contained herein. Always seek professional advice.
The Monthly Market Fact File will be updated next month.